The inaugural project on ConsenSys’ anti-speculation platform, Activate, has completed a sale with roughly 4,000 investors from 90 countries, the companies announced Monday.
Around 13,000 investors with a total capital pool of $57 million had expressed interest in the Ethereum scaling project SKALE. Around $43 million of that pool was from 4,300 investors who made it through know-your-customer (KYC) checks. Ultimately, SKALE ended up raising $5 million because of regulatory constraints in Liechtenstein, where the nonprofit focused on promoting the SKALE network, the NODE Foundation, is based.
SKALE is a proof-of-stake (PoS) network that aims to run thousands of transactions per second at low cost. Etheruem’s gas fees have skyrocketed in recent months with the network being overwhelmed by demand.